Credit unions offer more controlled borrowing
January 18, 2008 by admin
Filed under News, News-Credit-Cards
Credit unions can offer a more controlled borrowing system compared with other financial institution claims the Church of England. 
The institution said that many financial organisations are in place to make money and although some are more sympathetic than others, the main goal is to make a profit.
However, credit unions supposedly differ as they allow consumers to borrow in line with their ability to save which creates sensible boundaries within the borrowing system.
“A credit union is not just there to make a profit; it’s there to serve people, to help people borrow money…its more controlled,” said a spokesperson.
If a credit union does make any profit out of lending, then “quite often” it will re-distribute this amongst it’s membership.
Recently the Church has set up the life and debt matters section on their website which it speaks on the rising problem of debt and financial strain.
It was launched at the beginning of the year and offers a “post Christmas debt check” and “three action steps” to better finances.
